Chinese e-commerce firm Pinduoduo beats quarterly revenue estimates

Chinese e-commerce firm Pinduoduo beats quarterly revenue estimates

The Pinduoduo logo. Photographer: Qilai Shen/Bloomberg

Chinese e-commerce platform Pinduoduo Inc’s quarterly revenue beat Wall Street estimates on Wednesday, driven by steady demand for online shopping following the COVID-19 pandemic.

Pinduoduo has led China’s adoption of social e-commerce, by meshing online shopping with social media. Buyers can avail greater discounts when shopping in bigger groups, which has helped the Shanghai-based company challenge bigger rivals Alibaba and JD.com .

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